Goodyear Tire & Rubber (NASDAQ:GT) Cut to "Hold" at Hsbc Global Res

Key Points

• Goodyear Tire & Rubber has been downgraded from a "strong-buy" to a "hold" rating by HSBC Global Research, with a new price target set at $9.50, down from $15.50.
• Quarterly earnings reported a loss of ($0.17) EPS, missing analysts' estimates and showing a revenue decline of 2.3% year-over-year.
• Institutional investors own approximately 84.19% of Goodyear's stock, indicating strong backing from large financial entities.

Goodyear Tire & Rubber (NASDAQ:GT - Get Free Report) was downgraded by Hsbc Global Res from a "strong-buy" rating to a "hold" rating in a report issued on Wednesday,Zacks.com reports.

Several other analysts also recently weighed in on the stock. BNP Paribas Exane reissued a "neutral" rating and issued a $9.00 price target on shares of Goodyear Tire & Rubber in a research note on Friday, August 8th. BNP Paribas lowered Goodyear Tire & Rubber from a "strong-buy" rating to a "hold" rating in a research note on Friday, August 8th. JPMorgan Chase & Co. restated an "overweight" rating and set a $17.00 price target (down from $18.00) on shares of Goodyear Tire & Rubber in a research report on Thursday, May 22nd. Wall Street Zen downgraded Goodyear Tire & Rubber from a "buy" rating to a "hold" rating in a research report on Saturday, May 10th. Finally, HSBC reissued a "hold" rating and set a $9.50 price objective (down previously from $15.50) on shares of Goodyear Tire & Rubber in a research note on Wednesday. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and five have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $12.25.

Goodyear Tire & Rubber Price Performance

Shares of NASDAQ:GT traded up $0.40 on Wednesday, hitting $8.65. The company's stock had a trading volume of 9,535,911 shares, compared to its average volume of 9,518,539. Goodyear Tire & Rubber has a 1 year low of $7.27 and a 1 year high of $12.03. The company has a market capitalization of $2.47 billion, a PE ratio of 6.09, a PEG ratio of 0.76 and a beta of 1.37. The company has a debt-to-equity ratio of 1.24, a current ratio of 1.15 and a quick ratio of 0.63. The company has a 50-day simple moving average of $10.21 and a 200 day simple moving average of $10.09.

Goodyear Tire & Rubber (NASDAQ:GT - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The company reported ($0.17) earnings per share for the quarter, missing the consensus estimate of $0.14 by ($0.31). Goodyear Tire & Rubber had a net margin of 2.22% and a return on equity of 3.17%. The company had revenue of $4.47 billion for the quarter, compared to analysts' expectations of $4.50 billion. During the same quarter last year, the business posted $0.19 EPS. The business's quarterly revenue was down 2.3% compared to the same quarter last year. Sell-side analysts forecast that Goodyear Tire & Rubber will post 1.5 EPS for the current fiscal year.

Hedge Funds Weigh In On Goodyear Tire & Rubber

Several institutional investors and hedge funds have recently modified their holdings of GT. Marex Group plc bought a new position in Goodyear Tire & Rubber in the 2nd quarter valued at approximately $122,000. Advisory Services Network LLC lifted its holdings in shares of Goodyear Tire & Rubber by 6.9% during the second quarter. Advisory Services Network LLC now owns 47,713 shares of the company's stock valued at $490,000 after purchasing an additional 3,083 shares in the last quarter. Tower Research Capital LLC TRC boosted its position in shares of Goodyear Tire & Rubber by 257.4% during the second quarter. Tower Research Capital LLC TRC now owns 50,676 shares of the company's stock valued at $526,000 after buying an additional 36,495 shares during the last quarter. Corient Private Wealth LLC increased its holdings in Goodyear Tire & Rubber by 125.3% in the 2nd quarter. Corient Private Wealth LLC now owns 55,192 shares of the company's stock worth $572,000 after buying an additional 30,692 shares in the last quarter. Finally, State of Tennessee Department of Treasury increased its holdings in Goodyear Tire & Rubber by 39.9% in the 2nd quarter. State of Tennessee Department of Treasury now owns 105,179 shares of the company's stock worth $1,091,000 after buying an additional 30,000 shares in the last quarter. 84.19% of the stock is currently owned by institutional investors.

Goodyear Tire & Rubber Company Profile

Goodyear Tire & Rubber Co engages in the development, manufacture, distribution, and sale of tires. It operates through the following geographical segments: Americas, Europe, Middle East, and Africa, and Asia Pacific. The Americas segment is involved in the development, manufacture, distribution, and sale of tires and related products and services in North, Central, and South America.